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Draw a utility of wealth curve for a risk-averse person. How would the shape differ if the person was not risk-averse (i.e. risk neutral). What are the gains from insurance for the risk neutral person? Show this on your figure.
Explain how do you think higher demand has affected equilibrium wage. In which direction do you think labour supply and demand shifted.
Wooldridge Problem 4.6 In section 4.5, we used as an example testing the rationality of assessments of housing prices. There, we used a log-log model in price and assess [see equation (4.47)]. Here, we use a level-level formulation. i. In the simple ..
Discuss the five reasons that Crooks outlines in the article and finish your post by offering your opinion of whether The Economist's viewpoint or with The Industrialist's viewpoint is more agreeable.
In "Decision making in a democracy: the supreme court as a national policy maker," I have have the following question: How does Dahl describe the role of the Supreme Court? In what ways does the court serve as a policy making institution? is it too p..
The market consists of Allen and Bernard. Allen has the labor supply curve described in the following function: What is Allen’s reservation wage? What is Bernard’s reservation wage? What is the market labor supply curve? Draw the market labor supply ..
A sum of sufficient magnitude is to be invested now so that starting in 10 years from now an amount of $2500 per year can be paid in each of 8 succeeding years. The unexpended money remains invested at 6% compounded annually. How much must be allo..
Describe the demand curve for this product using the following data.
Sage has $80 to spend this month on CDs and/or DVDs. A CD costs $10 and a DVD costs $20. What is the opportunity cost of the second DVD? Indicate on your graph the combination point showing Jane consuming 8 CDs and 4 DVDs (label it A). What can you s..
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 100 - 0.5P, and the marginal cost of production is $80. Determine the optimal number of units to put in ..
Initial economies of scale means that select one firms are experiencing lower average production costs due to a geographical concentration of firms in their industry that make it cheaper and easier to hire highly specialized worker and inputs firms w..
Edmund has the utility function U(x, y) = 2xy + 1. The prices of x and y are both $1 and Edmund has an income of $20. How much of each good will he demand? A tax is placed on x so that it now costs Edmund $2 while his income and the price of y stay t..
Illustrate what is the opportunity cost (in civilian output) of a defense buildup that raises military spending from 4.0 to 4.1 percent of a $14 trillion economy.
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